Information below is residential data for the four lakeshore real estate subareas in Allegan County, Michigan:
H20 - Laketown Twp, City of Holland south of 32nd St, Fillmore Twp west of M-40
H23 - Saugatuck Twp, City of Saugatuck, City of Douglas, Manlius Twp west of 58th St
H27 - Ganges Twp, Clyde Twp west of 56th St, City of Fennville south of M-89
S93 - Casco Twp
The information presented here is as recorded in our local MLS, SWMRIC. In November 2018 the inventory of homes decreased. 246 homes were available Nov 1 in these four subareas, while 230 were available on Dec 1. Our recent high in monthly inventory was reached on July 1, 2016, with 352 units available then, while the low was reached January 1, 2018, with 175 units available then. A year ago on Dec 1, 2017 the available inventory was 207, so we presently have 14% more than the inventory we did a year ago. The median list price of homes offered for sale was down 14%, rather unusually in H20, down 2% in H23, up 33%, also unusually in H27, and down 7% in S93.
30 homes sold last month. A year ago, 31 homes sold in November 2017.In most months median list prices are above median sold prices. This means that those that sold are less expensive than those that are on offer. You can see this on the graph, where the blue lines (sold) are mostly below the red lines (list). Last month median sold prices were lower than median list prices three of four subareas. In H20 those that sold were worth about 75% of list, in H23 it was 82%, in H27 it was 120% (on a total sale of two homes there) and in S93 it was 76%.
Inventory turnover numbers for last month were: for H20 8 of 60 (13.3%), for H23 14 of 104 (13.5%), for H27 2 of 34 (6%), and for S93 6 of 48 (12.5%). H20 usually has a faster turnover than the other subareas, unusually, this did not occur last month. A 12.5% turnover like we have in S93means that we have an 8 month supply of homes at the current sales rate there. Lower percentages mean we have more months of supply available, higher percentages mean we have fewer months of supply available. The drop-off in sales from summer’s high in November drop-off is very normal. But we do have quite a bit of inventory at these sales levels.
How do November’s sold prices compare to previous months? In H20, last month’s median sold price ($253,745) was 14% higher than the median sold price for the last twelve months ($222,500). H23’s median sold price ($350,500) was higher by 11% than the median sold price over the last twelve months ($315,000). H27’s median sold price ($465,000) was higher by 72% than the median sold price over the last twelve months ($270,700), but we’ve already noted the low sales volume in that sub-area. S93’s median sold price for last month was $377,500, higher by 54% than the median sold price over the last twelve months ($245,500). Aggregating all four subareas, last month’s median sold price was $294,605, 9% above the median of the last twelve months, which was $270,000.
Let’s compare today’s statistics to those of a year ago. A year ago there were 207 homes listed, at a median list price of $419,000. Today there are 230 homes listed at a median list price of $414,000, lower by about 1% than the median list price of a year ago. In November 2017 31homes sold at a median price of $192,500 while in November 2018 30 homes sold at a median price of $294,605, a 30% increase.
What time is right for you to sell? The time you want to sell, of course. Call me at 616-836-8535 when you want to bring your property to market. I work with both area residents and second-home people. My experience and knowledge can help you reach your goal whether you want to sell your house, or you are looking to buy one. Several factors help you get a good price for your home - a quality property and strategic pricing and negotiation are certainly important. You provide the quality property, and my experience can help with the strategy in this competitive market. I strive to provide quality service and I believe in advising my clients to do what is best for them, not to do what might benefit me the most. Want to learn more about what your home is worth? Call me for a no-obligation comparison to recent sales. Your home will be marketed so it will be seen by people looking to buy, on my website mysaugatuck.com, and on a range of other widely used real estate sites on the internet. I know that a seller who understands the market has an advantage over one who doesn’t. Call me if you’d like to learn more about the market for your property.